HYPERION ACQUIRES SURETY BROKER PMG FINANCIAL SERVICES

RKH Specialty has strengthened its position in the surety market by acquiring surety broker PMG Financial Services through parent company, Hyperion Insurance Group. Paul Philand, managing director of PMG, will become global practice leader for surety within Hyperion. He will work closely with Hyperion’s retail broking business, Howden, and underwriting arm, Dual. Terms and conditions of the deal, which is subject to regulatory approval, have not been disclosed. The deal is part of a wider growth strategy, which targets a number of specialty areas. Earlier this month David Howden, chief executive of Hyperion, said in an interview with Insurance Day that the broker was seeing opportunities in the trade credit and surety sector, as well as other financial products. Gert Schlossmacher recently joined RKH Specialty from Euler Hermes to develop its international trade credit business. RKH Specialty is the specialty broking division of Hyperion, which also serves as the holding company for reinsurance broking division RKH Reinsurance, international retail broking business Howden, and MGA Dual Group.